Investors Variable NAV Money Market Fund seeks to achieve its objective by investing in a broad range of high-quality, U.S. dollar-denominated government, bank and commercial obligations that are available in the money markets.

Investors Variable NAV AMT-Free Municipal Money Market Fund seeks to achieve its objective by investing primarily in high quality short-term municipal instruments, the interest on which is exempt from regular federal income tax. Alternative minimum tax ("AMT") obligations, which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will be used only during temporary defensive periods or when non-AMT obligations are unavailable. The high level of income sought by the Fund is relative to yields currently available in the tax-exempt marketplace.

Investors Variable NAV U.S. Government Money Market Fund seeks to achieve its objective by investing, under normal circumstances, substantially all (and at least 80%) of its net assets in securities issued or guaranteed as to principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises, and repurchase agreements backed by such securities.

Investors Variable NAV Treasury Money Market Fund seeks to achieve its objective by investing, under normal circumstances, substantially all (and at least 80%) of its net assets in short-term bills, notes and other obligations issued or guaranteed by the U.S. Treasury ("Treasury Obligations"); securities guaranteed as to principal and interest by the U.S. government ("Government Obligations"); repurchase agreements with counterparties collateralized fully by Treasury Obligations and Government Obligations; and shares of money market portfolios of regulated investment companies that (i) limit investments to Treasury Obligations, Government Obligations, and related repurchase agreements, and (ii) determine net asset values ("NAVs") based on Rule 2a-7 under the 1940 Act.